研究报告全文：SFCLicAVV666SFCLicnoahhudsongtjascomhk25095441th-8523202thMarketsSufferSetbacksSufferMarketsOverseasMarketStrategyOriginApplicationandImpactofHongKongStocksDividendTaxStocksKongofHongImpactandApplicationOriginStrategyMarketOverseasComputerSectorUpdateReportReportUpdateComputerSectorOverseasMarketStrategyUSBondYieldsFluctuatingWildlyCommodityandEquityNoahHudsonNoahMarketStrategyWeeklyViewpointWeeklyStrategyMarketSectorRatingsoftheMontheofRatingsSectorTopRecommendationsTopOctober12October本报告部分内容译自同日发布的简体中文报告国泰君安晨报报告观点及内容如有任何不一致的地方一律以该简体中文版报告为准本报告仅在中国香港地区使用ContentsMorningBriefMarketResearchMorningBriefTopRecommendationsComputerSectorUpdateReportChinasITapplicationproductsasanalternativechoiceforglobalITindustryarenowinthestageoffasterinternationalizationwhichmayleadtofaster-than-expectedgrowthofChinascomputerindustryOffeaturedcompanieswerecommendKingsoft688111DigitalChina000034Talkweb002261andTaiji002368OtherbeneficiariesincludeChinaGreatWall000066Vastdata603138andTongtech300379OverseasMarketStrategyUSBondYieldsFluctuatingWildlyCommodityandEquityMarketsSufferSetbacksMainEventsinOverseasMarkets1TheUnitedStatesgovernmentavoidedshutdownthroughpassageofa45dayemergencyfundingbillMarketriskaversiondecreasedfurtherpushingupbondyields2KevinMcCarthybecamethefirstspeakerofthehouseinhistorytoberemovedfromhispositionTheincidentreflectsanincreaseinthepolarizationofAmericanpoliticsmakingcompromiselesslikelyinthefuture3AppleMicrosoftGoogleandAmazonhavebeguntorolloutAIapplicationsandinvestmentopportunitiesmayoccurinthecorrespondingindustrysupplychainsPricesofmostoverseasassetclassesfellhowevertheUSDandNasdaqcompositeindexremainedresilientDuringthisperiodthemainfocusoftheFedstighteningcycleshiftedfrommaximumfederalfundsratetothelengthoftimethatinterestrateswillremainathighlevelsRecenteconomicdataindicatesthatUSinflationwillremainhigherforlongerperiodsoftimeandbyextensionindicatesthattheFedwillcontinueitshighinterestratepolicyforlongerincreasingtheyieldsoflongertermdollardenominatedbondsThepricesofemergingmarketequitiesdeclinedandthepricesofbrentcrudesilverandLMEcopperexperiencedsignificantpricedecreasesInvestorconcernsoverastrengtheningUSDandincreasingbondyieldsisnegativelyimpactinginternationalcommoditiesHongKongstocksandMainlandChinaassetpricesStrengtheningUSbondyieldscombinedwithweakereconomicdataintheEUandUKsawtheUSdollarindexriseAstrengtheneddollarandhigherbondyieldsdampenedcommoditypricesGoldBrentCrudeandLMEcopperpricesexperiencedsignificantdeclinesTheHSIandHSCEIfellby092and054respectivelywiththedeclinesprimarilydrivenbycommoditypriceincreasesinenergyandmaterialsectorsandthetighteningofoverseasliquidityfortheinternetandpharmaceuticalsectorsTheFTSEChinaA50futuresindexandtheHXCdeclinedby22and128respectivelyUSeconomicdatashowsaresilientmanufacturingsectorandacoolingservicesectorSeptemberISMmanufacturingPMIremainedinthecontractionaryrangebutaboveexpectationshigherMoMISMservicePMIshowedsignsoftheservicesectorcoolingdeclining57pointsMoMfrom518inAugustUSlaborsupplyanddemandbottlenecksremainedtightinSeptemberoverseasliquidityissettoremaintightADPemploymentdatawaslowerthanmarketexpectationsasmedianYoYpayrollsgrowthratedeclinedMoMNFPdataexceeded29marketexpectationswithnewnonfarmpayrollsincreasingto300000USbondratesreactedsharplytothisdatainterpretingthedataasanindicationthatlaboursupplybottlenecksarestillunresolvedRiskFactors1UScoreinflationremaininghigherforalongerdurationcomparedtomarketexpectations2TheUSFederalReservemaytightenmonetarypolicyfurtherthanmarketexpectationsOverseasMarketStrategyOriginApplicationandImpactofHongKongStocksDividendTaxRecentlyaseriesofeconomicgrowthpolicieshavebeenintroducedinChinaincludingloweringstampdutytighteningthepaceofIPOsregulatingsharereductionsandloweringthemarginratiosforfinancingTheSEHKisalsoconsideringimplementingpoliciesthatboostliquidityInourpreviousreportwediscussedtheimpactofliquidityboostingpoliciesandinthisreportwefocusontheimpactofHKsdividendtaxandtaxcollectionstandardsWealsoconductedacomparisonoftheSEHKwiththeA-sharemarketandthatthedividendyieldaftertaxishigherforH-sharesWithChinaseconomicbottomingoutandoverseasliquiditymarginallytighteningthecurrenteconomicconditionsfavorhighdividendstocksTheFedsinterestratemeetingwashawkishandaratehikeisstilllikelyinthefourthquarterof2023causingadelayinratecutexpectationsuntilafterthethirdquarterof2024DuringthisperiodsectorswithhigherdividendyieldssuchastelecomsbankingandenergyhaveperformedwellinHKequitymarketHowdodifferentplacesofincorporationofHongKonglistedcompaniesaffectthetaxrateofdividendsformainlandinvestors1ForH-sharesmainlandinvestorsthroughtheHongKongStockConnectchannelarerequiredtodeduct20personalincometaxfromdividends2Fornon-Hsharespersonalincometaxisusually20fordividenddistributionsofredchipswithout10EITindividualinvestorsarerequiredtodeduct28incometax20incometaxisdeductedifEIThasbeenprovidedWhatisthedifferenceindividenddistributiontaxforinvestorswithChinasHongKongoroverseasaccountsIndividualinvestorswithChinasHongKongoroverseasaccountsaresubjectto10dividendtaxondividendsreceivedfromH-sharesIndividualinvestorswithChinasHongKongoroverseasaccountsinvestinginnon-H-sharesarenotrequiredtowithholdpersonalincometaxinmostcasesexceptfordividenddistributionsfromred-chipstockswhicharenotsubjectto10corporateincometaxinvestorsarerequiredtopay10dividenddistributiontaxHowdodifferentlengthsofholdingperiodsaffectthedividendtaxrateThelengthofholdingperiodinH-sharesdoesnotaffectthetaxrateforA-sharespersonalincomefromholdingperiodswithin1month1-12monthsandover12monthsarechargedat2010and0respectivelyForH-sharemainlandenterpriseinvestorstheirdividendandbonusincomewillbeconsolidatedintocorporateincomeastransferincomeanddividendincometopaycorporateincometaxhoweverenterprisesholdingH-sharesfor12monthsormoreareexemptedfromcorporateincometaxForA-shareinstitutionalinvestorstheyaresubjecttoordinarycorporateincometax39After-taxdividendratesarehigherforH-sharesinmostpracticalcasesIfaninvestorholdssharesformorethan1monthbutlessthan1yearcomparingtheafter-taxdividendratesoftheHKandA-sharemarketstheHKmarkettendstohaveahighertaxrateondividendsandevenwhenconsideringtheafter-taxdividendratesofHKstockstheyarealsogenerallyhigherthanthoseofthesameunderlyingA-sharestocksForexampletheHongKongafter-taxdividendratesofPetroChinaandChinaMobilearealsohigherthantheA-shareafter-taxdividendratesRiskFactors1Chinaseconomicrecoverymaymissmarketexpectations2TheUSFederalReservemaytightenmonetarypolicyfurtherthanmarketexpectations49SectorRatingsoftheMonthRatingSectorBuildingMaterialsComprehensiveFinanceInsuranceCommercialBankingCoalFoodDrinkOWPharmaceuticalRealEstateMachineryManufacturingTransportationConstructionEngineeringNonferrousMetalsHouseholdAppliancesTransportationEquipmentMassMediaCulturalAgricultureTextileNTGarmentsRetailingPowerEquipmentSocialServicesPublicUtilitiesIronSteelUWInformationTechnologyInformationScienceNoteTheratingsabovearemadebyGTJAStrategyTeamwhichmaynotalwaysbeinlinewiththeopinionsofGTJAindustryanalystsduetodifferentemphasesandtimerangeswhentheseratingsaremadeMarketStrategyWeeklyViewpointLastUpdateOctober8th2023A-ShareStrategyWeeklyGetReadyforTechnicalReboundsKeyeventsduringtheNationalDayholidaysUSbondratesurgedwhileglobalstockandcommoditiesmarketswentdown1BecauseoftoomuchcompromisesweremadetotheDemocratsinthe45-dayemergencyfundingbillmadeonSeptember30thMcCarthySpeakeroftheUSHouseofRepresentativeswasoustedThisintensifiedthemarketsconcernsaboutthefiscalsustainabilityofUSAfterwardsUSbondratesoaredcloseto52USNFPgrowthexceededmarketexpectationsAlthoughsomedataweregettingweakerthelabormarketremainedtightandglobalmarketswerepricinginlonger-timehigherinterestrates3ChinasSeptembermanufacturingPMIroseby05ptmomto502TherecoveryofsupplywasfasterthandemandbutthePMIwasstilllowerthanseasonallevel4ThetouristtravelanddomestictourismrevenueduringtheMid-autumnFestivalandNationalDayholidaysonthebasisofcomparablepopulationroseslightlyoverthatof20195UndertheimpactsfromtherisingUSDandUSbondrateglobalcommoditiesandstockmarketsespeciallythecommoditiesmarketwentdownTheChinese-asset-relatedFTSEChinaA50futureslost22andNasdaqHXClost128MeanwhileRMBexchangerateremainedstableA-sharemarketisnowclosetopreviouslowandweadvisetogetreadyfortechnicalreboundsAsforA-sharemarkettheimpactfromoverseastighteningarisingfromhighinterestratehighinflationandhighoilpriceisnotasuddeneventwhichcanbebufferedbymeansofevadingthestocksofheavyforeigninterestsShanghaiCompositeisnowclosetoitspreviouslowAugust25thThecontinueddeclineofmarketturnoverindicatesrisingconsensusofmarketexpectationswhichfavorsthelongsideandgoodnewsthantheshortsideandbadnewsUponthestabilizationofhigh-frequencyeconomicdataandtheriseofmarketexpectationsfornewpoliciestoinvigoratecapitalmarketandbottomlinepolicysupportstechnicalreboundsofA-sharemarketmaytakeplaceatanymomentAnywaythedurationofabullmarketwillcountonthesolutionsofmedium-andlong-termuncertaintiesOfallsectorswereferhardcoretechindustriesandfinancialsectorsIndetailweprefer1goodtradingstructurerestockingandfasterprofitgrowthfrequent59policysupportsandgoodnewsimportsubstitutionelectronicswarindustryautomobileandmachinerysectors2bottomlinepolicysupportsfinancialsectorsespeciallysecuritiessector3high-dividendSOEstelecomoperatorspublicutilitiesandexpresswaysAsforinvestmentthemesandindividualstockswepreferthoseinvolvedinhigh-endequipmentmanufacturingrobotHuaweiindustrialchainandruralarearevitalizationOfsub-sectorsandfeaturedcompanieswerecommend1high-endequipmentmanufacturingsemiconductorSkyverse688361industrialmachinetoolsNeway688697energyequipmentDRLaser300776andHengrun6039852robotelectricmotorMoonsElectric603728reducerGuomao6039153HuaweiindustrialchainautopartsRayhoo002997andIKD600933computingpowerWUSPrintedCircuit002463andDigitalChina0000344ruralarearevitalizationpublicfacilitiesSanfengEnvironment601827andXinxingDuctilePipes000778Majorrisksweaker-than-expecteddomesticpolicystimulusglobalgeopoliticaluncertainties69GuotaiJunanSecuritiesCoLtdhasacquiredthequalificationforsecuritiesinvestmentconsultingbusinessfromChinaSecuritiesRegulatoryCommissionAnalystsStatementTheauthorhasobtainedthepracticingqualificationforsecuritiesinvestmentconsultingbusinessawardedbythesecuritiesassociationofChinaorhasequivalentprofessionalcompetencetoensurealldatainthereportaresourcedfromlegitimatechannelsandanalysislogicsarebasedontheauthorsprofessionalunderstandingThisreportclearlyandaccuratelyreflectstheauthorsresearchideasbeingindependentobjectiveandfairandtheconclusionisnotsuggestedoraffectedbyanythirdpartiesAnycomponentsoftheanalystscompensationarenotdirectlyorindirectlyrelatedtothespecificadviceorviewsexpressedinthisresearchreportItisherebydeclaredDisclaimerThisreportissolelyavailabletocustomerswhohavesubscribedresearchservicesofGuotaiJunanSecuritiesCoLtdorGuotaiJunanSecuritiesHongKongLimitedhereaftercollectivelyreferredtoasGuotaiJunanThereceiptofthisreportwillnotbeconsideredbyGuotaiJunanasanexofficiocustomerofGuotaiJunanThisreportisdistributedonlyaspermittedbyapplicablelawsandforinformationalpurposesonlyItdoesnotconstituteanyadvertisementTheinformationinthisreportisderivedfrompubliclyavailableinformationandGuotaiJunanmakesnowarrantyastotheaccuracycompletenessorreliabilityofsuchinformationTheinformationopinionsandassumptionspresentedinthisreportonlyreflectGuotaiJunansjudgmentasofthedateofissuanceofthisreportThepricevalueandinvestmentincomeofthesecuritiesorinvestmenttargetsreferredtointhisreportmayriseorfallPastperformanceshouldnotbetakenasabasisforfutureperformanceAtdifferenttimesGuotaiJunanmayissuereportsthatareinconsistentwiththeinformationopinionsandassumptionscontainedhereinGuotaiJunandoesnotwarrantthattheinformationcontainedinthisreportiskeptuptodateAtthesametimetheinformationcontainedinthisreportmaybemodifiedbyGuotaiJunanwithoutnoticeandtheinvestorshallpayattentiontothecorrespondingupdateormodificationTheinvestmentsandservicesreferredtointhisreportmaynotbeappropriateforcertainclientsanddonotconstituteprivateadvicetoclientsInanycircumstancestheinformationoropinionsexpressedinthisreportdoesnotconstituteinvestmentrecommendationsforanypersonInanycircumstancesGuotaiJunanitsemployeesoraffiliatedinstitutionsshallnotpromiseinvestorsthattheywillmakeprofitsshallnotshareinvestmentgainswithinvestorsandshallnotbeliableforanylosscausedbyanypersonsuseofanycontentinthisreportInvestorsareremindedthatanyinvestmentdecisionsmadebythemarenotrelatedtoGuotaiJunanitsemployeesoritsaffiliatesGuotaiJunanusesinformationwallstocontroltheflowofinformationbetweenoneormorefieldsdepartmentsorrelatedinstitutionswithinGuotaiJunanThereforeinvestorsshouldpayattentiontothatwherepermittedbylawGuotaiJunananditssubordinateaffiliatesmayholdsecuritiesoroptionsissuedbycompaniesmentionedinthereportandconducttradingofthosesecuritiesoroptionsandmayprovideortrytoprovideservicessuchasinvestmentbankingfinancialadvisingorfinancialproductstothosecompaniesWherepermittedbylawemployeesofGuotaiJunanmayserveasdirectorsofcompaniesmentionedinthisreportThestockmarketisriskyandinvestmentneedstobecautiousInvestorsshouldnotusethisreportasthesolereferenceformakinginvestmentdecisionsnorshouldtheyconsiderthisreporttobeasubstitutefortheirownjudgmentBeforedecidingtoinvestifnecessaryinvestorsmustconsultprofessionalsandmakeprudentdecisionsThisreportisnotintendedtobesentordistributedtoanyinstitutionorpersonwhoisnotallowedtosendordistributethisreportunderlocallawsorregulatoryrulesnorisitintendedtobesentordistributedtoanyinstitutionorpersonwhoseavailabilityoruseofthisreportwouldcauseGuotaiJunantoviolateorbesubjecttolocallawsorregulatoryrulesThecopyrightofthisreportissolelyownedbyGuotaiJunanWithoutwrittenpermissionnoinstitutionorindividualmayreproducecopypublishorquoteinanyformIfitisquotedorpublishedwiththeconsentofGuotaiJunanitmustbeusedwithinthepermittedscopeandthesourcemustbeindicatedasGuotaiJunanSecuritiesResearchorGuotaiJunanHongKongResearchandthereportmustnotbequoteddeletedormodifiedinanywaythatiscontrarytotheoriginalintentionGuotaiJunanSecuritiesHongKongLimitedshallbeliabletoGuotaiJunanSecuritiesCoLtdforthecontentanddistributionofresearchreportsIfanorganizationotherthanGuotaiJunanhereinafterreferredtoastheOrganizationsendsthisreportitshallbesolelyresponsibleforsuchsendingInvestorswhoobtainthisreportthroughthismeansshouldcontacttheOrganizationontheirowntorequestmoredetailedinformationortofurthertradeinthesecuritiesreferredtointhisreportThisreportshallnotconstituteinvestmentadviceprovidedbyGuotaiJunantotheclientsoftheOrganizationnorshallGuotaiJunanitsemployeesoraffiliatesbeliableforanylossesincurredbytheclientsoftheOrganizationasaresultoftheuseofthisreportorthecontentscontainedinthereport79ThefollowingimportantstatementsareapplicabletoresearchreportspublishedinHongKongThisResearchReportdoesnotconstituteaninvitationoroffertoacquirepurchaseorsubscribeforsecuritiesbyGuotaiJunanSecuritiesHongKongLimitedGuotaiJunanHongKongGuotaiJunanHongKonganditsgroupcompaniesmaydobusinessthatrelatestocompaniescoveredinresearchreportsincludinginvestmentbankinginvestmentservicesetcforexampletheplacingagentleadmanagersponsorunderwriterorinvestproprietarilyAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentstrategiesexpressedorallyorinwrittenformbysalespersonsdealersandotherprofessionalexecutivesofGuotaiJunanHongKonggroupofcompaniesAnyopinionsexpressedinthisreportmaydifferorbecontrarytoopinionsorinvestmentdecisionsmadebytheassetmanagementandinvestmentbankinggroupsofGuotaiJunanHongKongThoughbestefforthasbeenmadetoensuretheaccuracyoftheinformationanddatacontainedinthisResearchReportGuotaiJunanHongKongdoesnotguaranteetheaccuracyandcompletenessoftheinformationanddatahereinThisResearchReportmaycontainsomeforward-lookingestimatesandforecastsderivedfromtheassumptionsofthefuturepoliticalandeconomicconditionswithinherentlyunpredictableandmutablesituationsouncertaintymaycontainInvestorsshouldunderstandandcomprehendtheinvestmentobjectivesanditsrelatedrisksandwherenecessaryconsulttheirownfinancialadviserspriortoanyinvestmentdecisionThisResearchReportisnotdirectedatorintendedfordistributiontoorusebyanypersonorentitywhoisacitizenorresidentoforlocatedinanyjurisdictionwheresuchdistributionpublicationavailabilityorusewouldbecontrarytoapplicablelaworregulationorwhichwouldsubjectGuotaiJunanHongKonganditsgroupcompaniestoanyregistrationorlicensingrequirementwithinsuchjurisdictionDISCLOSURETableDISCLOSUREOFINTERESTSOFINTERESTS1TheAnalystsandtheirassociatesdonotserveasanofficeroftheissuermentionedinthisResearchReport2TheAnalystsandtheirassociatesdonothaveanyfinancialinterestsinrelationtotheissuermentionedinthisResearchReport3ExceptforGUOTAIJUNANI01788HKZHONGANSERVICE02271HKLUZHOUBANK01983HKSFREIT02191HKVANOVHOLDINGS02260HKDOWELLSERVICE02352HKJINSHANGBANK02558HKBANKOFZHENGZHOU06196HKDongguanRuralCommercialBank09889HKJIAXINGGAS09908HKGED-B200539SZGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesdonotholdequaltoormorethan1ofthemarketcapitalizationoftheissuermentionedinthisResearchReport4GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavehadinvestmentbankingrelationshipswithCEBBANK06818HKBankofChina-Hshares03988HKVobileGroup03738HKChinaLesso02128HKIDREAMSKY01119HKChinaRisunGroup01907HKSMIC00981HKChowTaiFookJewellery01929HKKingsoft03888HKZHIHU-W02390HKXPENG09868HKXIAOMICORPORATION01810HKZhongliangHoldings02772HK360DIGITECH-S03660HKBOSSZHIPIN02076HKBinhaiInvestment02886HKChinaPetroleumChemical-Hshares00386HKSPC00338HKXIAOMI-WR-Hshares81810HKNagaCorp03918HKCHINAOVSPPT02669HKChinaStateConstructionDevelopment00830HKCHOVSGOCEANS00081HKChinaStateConstructionInternational03311HKChinaOverseasLandInvestment00688HKChinaGas00384HKWUXIAPPTEC02359HKYEAHKA09923HKNAYUKI02150HKChervon02285HKCARSGEN02171HKJD-SWR-Hshares89618HKKUAISHOU-WR-Hshares81024HKXingfaAluminium00098HKHORIZONCONSTRUCTIONDEVELOPMENT09930HKNWS00659HKA-LIVING03319HKChinaConstructionBank-Hshares00939HKKUAISHOU-W01024HKGeelyAutomobile00175HKTencent00700HKAlibaba09988HKSinoHytec-Hshares02402HKSinotrans-Hshares00598HKBankofCommunications-Hshares03328HKJDcom09618HKBIDU-SW09888HKSenseTime-W00020HKChinaNonferrousMining01258HKJoySpreader06988HKGuangzhouAutomobile-Hshares02238HKKWGGroup01813HKCIFIHoldingsGroup00884HKZhenroProperties06158HKBILIBILI-SW09626HKCountryGarden02007HKAgileGroup03383HKChinaAoyuanProperty03883HKLoganGroup03380HKSUNAC01918HKNewWorldDevelopment00017HKCHINASUNTIEN00956HKFOSUNINTL00656HKChinaMinshengBankingCorp-Hshares01988HKIRICOGroupNewEnergy00438HKWEIGAOGROUP01066HKCIFIESService01995HKSinopecKantons00934HKSINOPECEngineering-Hshares02386HKCHENMING01812HKLeeManPaper02314HKCGNMeiyaPower01811HKZhihuZHUSTencentMusicEntertainmentGroupTMEUSNIONIOUSJDcomJDUSKANZHUNLIMITEDBZUSDiDiDIDIUSBilibiliIncBILIUSFutuFUTUUSSinopecSNPUSCEBBANK601818SHBANKOFCHINA601988SHSPC600688SHCSCEC601668SHWUXIAPPTEC603259SHCCB601939SHSUPCON688777SHBTL603596SHSinoHytec688339SHSINOTRANS601598SHMACALLINE601828SHGACGROUP601238SHHUNDSUN600570SHCHINASUNTIENGREENENERGY600956SHFANGDACARBON600516SHBBMG601992SHSINOPECCORP600028SHYEIC002053SZZHONGNANCONSTRUCTION000961SZWESTCONSTRUCTION002302SZLBG002601SZEASTMONEY300059SZGUJINGDISTILLERY000596SZCHINATIANYING000035SZJEREHGROUP002353SZTHUNDERSOFT300496SZYUNDACORP002120SZBOTANEEGROUP300957SZSCPH000488SZmentionedinthisResearchReportwithinthepreceding12months5GuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesaremakingorwillmakeamarketinthesecuritiesinrespectofChinaOverseasLandInvestment00688HKLenovo00992HKChinaTelecom-Hshares00728HKChinaUnicom00762HKChinaMobile-Hshares00941HKHongKongExchangesandClearing00388HKGalaxyEntertainment00027HKGreatWallMotor-Hshares02333HKAIA01299HKSandsChina01928HKSunnyOpticalTechnology02382HKSinopharmGroup-Hshares01099HKCNOOC00883HKWuXiBiologics02269HKMeituan-W03690HKGeelyAutomobile00175HKBYDCompany-Hshares01211HKChinaConstructionBank-Hshares00939HKIndustrialandCommercialBankofChina-Hshares0139889HKBOCHongKong02388HKChinaMerchantsBank-Hshares03968HKBankofChina-Hshares03988HKHSBC00005HKAgriculturalBankofChina-Hshares01288HKPingAnInsurance-Hshares02318HKChinaLifeInsurance-Hshares02628HKTencent00700HKCHINATOWERCORPORATION-Hshares00788HKXIAOMICORPORATION01810HKAlibaba09988HKNetease09999HKJDcom09618HKSMIC00981HKAlibabaHealth00241HKBIDU-SW09888HKKUAISHOU-W01024HKXPENG09868HKAACTechnologiesHoldings02018HKCITICSEC-Hshares06030HKLoganGroup03380HKChinaAoyuanProperty03883HKmentionedinthisResearchReport6GuotaiJunanInternationalHoldingsLimitedandoritssubsidiarieshavenotemployedanindividualservingasanofficerofanyissuersmentionedinthisResearchReportThereisnoofficerofanyissuersmentionedinthisResearchReportassociatedwithGuotaiJunanInternationalHoldingsLimitedandoritssubsidiariesRatingDefinitionRatingDefinitionIncreaserelativetoCSI300HangSengOverweightComparisonbenchmarkforinvestmentIndexover15suggestionsCautiouslyIncreaserelativetoCSI300HangSengInvestmentratingsaredividedintostockCompanyOverweightIndexbetween5and15ratingandsectorratingRatingIncreaserelativetoCSI300HangSengThemarketperformancewithinthe12NeutralIndexbetween-5and5monthsafterthepublicationofthereportisDecreaserelativetoCSI300HangSengconsideredasthecomparisonbenchmarkUnderweightIndexover5TheincreaseanddecreaseoftheSignificantlystrongerthanCSI300HangcompanysstockpriceorindustryindexOverweightSengIndexwithinthe12monthsafterthepublicationofBasicallyflatwithCSI300HangSengthereportiscomparedwiththeincreaseSectorRatingNeutralanddecreaseofCSI300HangSengIndexIndexSignificantlyweakerthanCSI300HanginthesameperiodUnderweightSengIndexGuotaiJunanSecuritiesResearchInstituteAddressPostalCodeTel20FOneMuseumPlace669XinzhaRdJinganDistrictShanghai20004186213867-6666Shanghai18FSouthBuildingFinancialStreetCenter9AFinancialStreetBeijing10003286108393-9888XichengDistrictBeijing27FBuildingBRongchaoTower6003YitianRoadFutianShenzhen518026867552397-6888DistrictShenzhenE-mailgtjaresearchgtjascomGuotaiJunanSecuritiesHongKongLimitedAddressFaxTel27FLowBlockGrandMillenniumPlaza181HongKong8522509-77938522509-9118QueensRoadCentralHongKongWebsitewwwgtjacomhk2023CopyrightGuotaiJunanAllrightsreserved99